Information for this post is sourced from Genworth Financial but all opinions are mine. My sister and I went out to do a little early Christmas shopping today. We do not get to see each other very often and it is always fun hanging out with her. We were talking about what the kids wanted for Christmas and what she could get for them. Then she said something that stopped me in my tracks. She told me our mom, who is 80, cannot leave the house any longer. Over the past 2 years her health has been declining and it is at an all time low. Ronni said mom has so much pain from her arthritis she can hardly walk. Mom also has COPD from 50 years of smoking and she cannot walk very far without getting winded. Mom did not plan for her financial future and is on an extremely fixed income. She gets some social security and a small pension, but after her expenses, she has very little left. She cannot afford her medication, which is part of the reason she is in so much pain. She really needs someone who can look after her with more experience than any of us. As much as we would love to find her suitable long term care, none of us can afford it. Ronni said mom was crying because she could not even afford to get the kids each something for Christmas. Here we are shopping, laughing and enjoying the holiday spirit while mom is at home doing the complete opposite. I cannot help but wonder what will happen when I am her age. Currently, I have no retirement plan in place and if I do not change things now, I will end up just like my mom. With Genworth Financial, planning for my long term care and other financial areas in my older years is smart instead of scary.
Thinking Of Getting Old Is Getting Scary
None of us want to think about getting old, but we are all going to get there! The key is being smart and proactive instead of pretending it is not going to happen. For me, thinking of getting old is getting scary, and I do not want to face it. What we need to do is plan for it so when it comes, we are ready and can enjoy our golden years. In an article written by Jennifer Nelson, entitled “Getting Old Is Unaffordable”, she talks about the mailmen many elderly are facing. She tells us that a frightening 2/3 of Americans over 65 will need long term care. The problem is many are not financially equipped to afford this, either at home or in a facility. Nelson states, “Yet more than 90% of those surveyed in the Genworth Financial “2013 Annual Cost of Care” report haven’t talked about critical long-term care issues with their spouse, partner or adult children.” It is crucial to have a plan in place before it is too late and we are in pain, hungry and suffering because growing old IS unaffordable.
Studies show those who have not discussed and made financial plans for their long term care suffer from depression and anxiety. Experts are urging us to speak openly with our loved ones about our wishes for long term care and how we have prepared for that. This takes the burden off everyone and getting older can be something we look forward to instead of dreading. In her article, Nelson tells us is can cost an average of $18 an hour to have someone come in our home and care for us and run our errands. An assisted living facility can cost an average of $3,450 and a semi-private room in a nursing home can cost more than $200 per day. These are costs not many of us would be able to pay out of our own pocket, so other plans must be made. With the proper guidance from a trained financial staff, like those at Genworth Financial, this is not an issue. Because Medicare will not cover 100% of your needs, you must have another avenue to cover your costs. This is where long term care comes into play. This is a plan you pay monthly for now and when you need it in your older years, your needs will be covered. Genworth Financial can help you find the right plan that will fit into your budget, therefore giving you peace of mind. Do not fear getting older due to financial worries. Instead, talk to the experts at Genworth Financial and embrace this time in your life. Be sure to follow Genworth on Facebook and You Tube.